If I had to choose just one "truly groundbreaking crypto application" in this cycle, I would vote for Polymarket. Prediction markets have become a sector in themselves, with trading volume surging in the last two months, reaching $400-500 million per week, showing rapid growth. Interestingly, Polymarket's prosperity has not been reflected in the price of the coin $POL, which shows a long-term trend of going to zero. This cycle has repeatedly proven one thing: A successful application does not guarantee that a public blockchain can capture value. This is not entirely a problem with Polygon; it's simply a matter of changing times. The era when public blockchain valuations could be inflated simply by relying on narratives and imagination is over. For general-purpose public blockchains, the current challenge is a structural dilemma: It's becoming increasingly difficult to sustain an app through subsidies. The success of applications will not reward mainnet tokens. - If it gets too big, it might even start thinking about building its own application chain (for example, $UNI). Now Polymarket is also rumored to be developing its own application blockchain. How much value will it have left? The only universal public blockchain coin whose rigid demand has been repeatedly verified by the market is "casino chips". The past era of ICO / DeFi / NFT $ETH And then there's $SOL, which sparked the meme craze in this cycle. These are all examples of how transaction fees alone cannot support a market capitalization of tens or hundreds of billions of dollars. If there are no large-scale Ponzi games in the future using public chain coins as tokens, then the future of public chain coins is bleak.